Veeco Instruments Inc. (Nasdaq:VECO) has completed the previously announced acquisition of Synos Technology, Inc. (“Synos”). Synos designs and manufactures Fast Array Scanning™ Atomic Layer Deposition (FAST-ALD™) systems that are currently expected to enable the production of flexible organic light-emitting diode (OLED) displays for mobile devices. The business, with operations in California and Korea, has been renamed Veeco ALD Inc.
“We have found a great fit to add to Veeco’s technology portfolio and expand our growth opportunities,” said John R. Peeler, Veeco’s Chairman and Chief Executive Officer. “Veeco’s new fast array scanning ALD has the potential to solve the encapsulation issue that has stalled industry adoption of flexible OLED technology for mobile phones. In addition, we see numerous additional opportunities for FAST-ALD in OLED TV, lighting, solar, batteries and other large adjacent markets.”
FAST-ALD represents a paradigm shift in a technology long known for excellent deposition uniformity and defect-free films. While traditional ALD is slow, costly and limited to high-temperature “chamber-sized” reactors, FAST-ALD can deposit materials below 100º Celsius and up to 10 times faster with more efficient use of materials and virtually no substrate size limitation.
In connection with the acquisition, Veeco’s Board of Directors has granted equity awards to 52 Synos employees. Pursuant to Nasdaq Listing Rule 573(c)(4), the equity awards were granted under the Company’s 2013 Inducement Stock Incentive Plan, which the Board of Directors adopted to facilitate the granting of equity awards as an inducement to these employees to commence employment with Veeco. Awards granted to Synos employees as a part of this plan were comprised of (i) 124,500 stock options that will vest, subject to the recipient’s continued service, over a three year period with one-third of each award vesting on each of the first three anniversaries of the award; the stock option awards have a ten-year term, and (ii) 62,500 restricted stock units were granted that will vest, subject to the recipient’s continued service, over a four year period with one-third of each award vesting on each anniversary of the award, beginning with the second anniversary and vesting, and (iii) 25,200 restricted stock units were granted that will vest, subject to the recipient’s continued service, on the second anniversary of the award.
Veeco’s process equipment solutions enable the manufacture of LEDs, flexible OLED displays, power electronics, hard drives, MEMS and wireless chips. We are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. Our high performance systems drive innovation in energy efficiency, consumer electronics and network storage and allow our customers to maximize productivity and achieve lower cost of ownership. For information on our company, products and worldwide service and support, please visit www.veeco.com.
To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management's Discussion and Analysis sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2011 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Additional risks specifically associated with this transaction include the expected benefits to Veeco from completing the acquisition, and the expected financial performance of Veeco following completion of the acquisition. Statements regarding future events are based on the parties' current expectations and are necessarily subject to associated risks related to the potential impact on the business of Synos due to the uncertainty about the acquisition, the retention of employees of Synos and the ability of Veeco to successfully integrate Synos’ market opportunities, technology, personnel and operations and to achieve expected benefits. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.
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